Dec 10, 2012 12:35am EST
-term issue about reducing the deficit and the debt and the current issue is the fiscal cliff. that would be the worst fiscal policy put in place since the great depression when we put an austerity policy in place to send and through the country back into recession. the idea that we have got into a debate as to how to reduce the deficit is wrong. we say don't reduce the deficit now this fast. that is what the fiscal cliff is all about and that's why ben bernanke cannot put the phrase. guest: as exactly right, we have two very different problems. the only reason we're talking about the second issue is politics. this is the politics of the moment tromping economic common sense which is a dangerous combination. guest: the fiscal solution is a fig leaf to allow members of congress to say we're going to spend so the spending cuts and tax increases and let the deficit be $500 billion higher. host: the debt is at $16.30 trillion and has increased $4 trillion over the last four years. the present and congress will say that over the next 10 years, we will get it back to where was in 2009, correct?